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MARC has affirmed its AA-IS rating on port operator Pelabuhan Tanjung Pelepas Sdn Bhd’s (PTP) Islamic Medium-Term Notes (Sukuk Murabahah Programme). The rating outlook is stable. The rating has considered the increase in PTP’s programme limit to RM2.15 billion from RM1.9 billion.The affirmed rating is mainly driven by PTP’s strong position as a key regional transhipment container port which ...
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MARC has assigned final ratings of MARC-1IS and A+IS to George Kent (Malaysia) Berhad’s (George Kent) proposed RM100.0 million Islamic Commercial Papers (ICP) Programme and RM500.0 million Islamic Medium-Term Notes (IMTN) Programme (Sukuk Wakalah Programmes) subject to a combined limit of RM500.0 million. The ratings outlook is stable.We have reviewed the final documentation for the Sukuk Wakala...
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MARC has placed its ratings on Alpha Circle Sdn Bhd’s Senior Sukuk Musharakah of AIS and Junior Sukuk Musharakah of BBBIS on MARCWatch Negative.The rating action follows Alpha Circle’s inability to meet payments totalling RM20.3 million due on February 23, 2021 which has now been extended to March 3, 2021 under an indulgence granted by sukukholders. Alpha Circle’s lack of funds has been attr...
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MARC has assigned a final rating of AA-IS to UiTM Solar Power Dua Sdn Bhd’s (UiTM Solar 2) proposed Green SRI Sukuk of up to RM100.0 million. The rating outlook is stable. The rating agency has reviewed the final documentation for the programme and is satisfied that the terms and conditions have not changed in any material way from the draft documentation on which the preliminary rating was...
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MARC has affirmed its AA-IS rating on Jimah East Power Sdn Bhd’s (JEP) outstanding RM8.98 billion Sukuk Murabahah with a stable outlook. The affirmed rating reflects (1) JEP’s predictable cash flows from its 2x1000MW ultra-supercritical coal power plant under a 25-year power purchase agreement (PPA) with Tenaga Nasional Berhad (TNB), (2) its operational and financial linkages with TNB, wh...
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MARC has lowered its ratings on Alpha Circle Sdn Bhd’s outstanding RM160 million Senior Sukuk Musharakah to AIS from AA-IS, and RM55 million Junior Sukuk Musharakah to BBBIS from AIS. The ratings outlook remains negative.Our rating action is premised on lingering issues related to the foreign labour force in the wake of border closures amid the COVID-19 pandemic. In addition to hampering new for...
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Posted date: February 9, 2021MARC has downgraded its ratings on MEX II Sdn Bhd’s (MEX II) RM1.3 billion Sukuk Murabahah Programme to BBIS from BBBIS, and RM150.0 million Junior Bonds to B from BB. The ratings remain on MARCWatch Negative. Our rating actions are premised on the increasing likelihood that MEX II may not be able to put in place a liquidity facility that it had originally expec...
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MARC has upgraded Top Glove Corporation Bhd’s (Top Glove) corporate credit rating to AA+ from AA and concurrently affirmed its rating of AA-IS(CG) on special purpose vehicle TG Excellence Berhad’s RM3.0 billion Perpetual Sukuk Wakalah Programme. Top Glove, which owns 100% of TG Excellence, has provided a subordinated unconditional and irrevocable corporate guarantee on the perpetual sukuk. The...
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MARC has assigned preliminary ratings of MARC-1IS/AAIS to Cellco Capital Bhd’s (Cellco) proposed RM520 million issuance (Issue 1) under its Islamic Commercial Papers/Islamic Medium-Term Notes (Sukuk Ijarah Programme) with a combined limit of up to RM1.0 billion. The ratings outlook is stable.Cellco is a special-purpose entity set up to undertake the Sukuk Ijarah Programme for its parent, Stealth...
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MARC has assigned preliminary ratings of MARC-1IS and A+IS to George Kent (Malaysia) Berhad’s (George Kent) proposed RM100.0 million Islamic Commercial Papers (ICP) Programme and RM500.0 million Islamic Medium-Term Notes (IMTN) Programme subject to a combined limit of RM500.0 million. The ratings outlook is stable.The assigned ratings reflect George Kent’s conservative capital structure, stron...
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